NEW YORK, Sept. 9, 2024 /PRNewswire/ -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, will announce its financial results for the first half of fiscal year 2024 on Monday, September 16th before the market opens. SunCar will host a conference call on Monday, September 16th at 8:00 AM ET (5:00 AM PT) with the investment community to discuss the Company's financial results and provide a business updat ...

NEW YORK, Aug. 20, 2024 /PRNewswire/ -- SunCar Technology Group Inc. (NASDAQ: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, is pleased to announce that the Company will be presenting at the upcoming Emerging Growth Conference on August 22, 2024 at 9:05am ET.SunCar's management team will present key developments and initiatives that have shaped the Company's growth trajectory in recent months, focusing on SunCar's innovative cloud-based platform, which is driving ...

NEW YORK , Aug. 1, 2024 /PRNewswire/ -- SunCar Technology Group Inc. ("SunCar"; NASDAQ: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, is pleased to announce the formation of a new business partnership with the Inner Mongolia branch of China Continent Property & Casualty Insurance Co., Ltd ("China Continent Insurance"). China Continent Insurance is the only subsidiary of China Reinsurance (Group) Corporation (SEHK: 1508) that specializes in non-life primary insura ...

NEW YORK, July 23, 2024 /PRNewswire/ -- SunCar Technology Group Inc. ("SunCar" or "the Company, NASDAQ: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, is pleased to announce a strategic partnership (the "Partnership") with Lotus Technology ("Lotus,"NASDAQ: LOT) to enhance automotive industry services. This collaboration will leverage SunCar's auto e-insurance technology platform and its extensive automotive service network to support and optimize Lotus's market ex ...

Core Insights - SunCar Technology Group Inc. has been selected as the provider of concierge car services for China Merchants Bank Private Banking, marking a significant partnership [1][2] - This two-year service framework agreement aims to enhance the customer experience for CMB's elite private banking clients through a technology-driven integration model [1][2] Company Overview - SunCar, founded in 2007, is a leader in cloud-based B2B auto services and auto e-insurance in China, the largest passenger vehicle market globally [3] - The company operates a cloud-based platform that connects drivers with a variety of auto services and insurance options through a nationwide network of sales partners [3] - SunCar has established itself as a leader in the B2B auto services market and the auto e-insurance market for electric vehicles in China [3] Industry Context - China Merchants Bank is recognized as the largest and most comprehensive private bank in China, known for its innovative wealth products and extensive non-financial value-added services [2] - CMB has received numerous awards for its private banking services and was the first Chinese bank to open a branch in the United States in 2008 [2]

SunCar to Leverage its Extensive Car Wash Service Network in the RegionNEW YORK, July 9, 2024 /PRNewswire/ -- SunCar Technology Group Inc. ("SunCar" or "the Company, NASDAQ: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, is pleased to announce the successful bid for the China Construction Bank (CCB) Yunnan Branch Long (Long means "dragon") Card Car Wash Service project. This victory marks the latest collaboration between SunCar and CCB, driving SunCar's national e ...

Robert Way Introduction and Thesis If you believe that EVs are a flawed solution to a serious problem on Earth, then read on. I have an investment idea in a really solid company that went public in 2023 through a SPAC deal. Its technology helps cure some pain points for EVs. It's called SunCar Technology Group, (NASDAQ:SDA). Their technology links car owners to aftermarket service and insurance providers via a cloud service and mobile app. It profits by solving the problem of China’s underdeveloped afte ...

NEW YORK, June 17, 2024 /PRNewswire/ -- SunCar Technology Group Inc. ("SunCar"NASDAQ: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, is pleased to announce a new strategic collaboration with Ping An Property & Casualty Insurance Co., Ltd. (Shenzhen Branch) ("Ping An P&C Shenzhen"), a subsidiary of Ping An Insurance Group Co. of China Ltd ("Ping An", 2318.HK), one of the five largest insurance companies in the world and a long term enterprise client of SunCar's. Th ...

NEW YORK, May 13, 2024 /PRNewswire/ -- SunCar Technology Group Inc. (the "Company" or "SunCar") (NASDAQ: SDA), an innovative leader in cloud-based B2B auto services and auto e-insurance in China, announced an expanded partnership with Beijing Houji Insurance Brokerage Co., Ltd. ("Beijing Houji"), a part of the renowned Xiaomi Corporation ("Xiaomi Group") (1810.HK). This strategic alliance is set to transform the insurance industry, utilizing SunCar's advanced intelligent insurance service platform to provid ...

Financial Data and Key Metrics Changes - For the fiscal year ended December 31, 2023, total revenue reached $364 million, representing a 29% increase from $282 million in 2022 [12] - The Auto Service segment generated $215 million in revenue, an 8% increase from $199 million in 2022 [12] - The Auto e-Insurance segment reported revenue of $149 million, a significant 79% increase from $83 million in 2022 [12] - Net losses were $18 million for the year ended December 31, 2023, compared to $12 million in 2022 [13] - Adjusted EBITDA improved to a positive $1.6 million for the year ended December 31, 2023, up from a negative figure in the previous year [14] Business Line Data and Key Metrics Changes - The Auto Service segment focuses on technology platforms for services like car wash and maintenance, contributing $215 million in revenue [12] - The Auto e-Insurance segment, which includes e-Insurance Intermediation and Technology Service, generated $149 million, with the Intermediation business alone accounting for $118 million, a 75% increase year-over-year [12][13] - Technology Service revenue reached $31 million, marking a 98% increase from 2022 [13] Market Data and Key Metrics Changes - The company has expanded its network of Auto Service providers to over 47,000 across more than 350 cities in China [9] - The e-Insurance sales partner network increased to over 64,000, enhancing the company's market presence [9] Company Strategy and Development Direction - The company aims to establish itself as the largest technology platform for Auto Services and e-Insurance in China, leveraging its cloud-based technology [6][7] - Strategic partnerships with major electric vehicle manufacturers like Tesla, NIO, and BYD are being pursued to enhance market presence and growth opportunities [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth in 2024, driven by the synergies between Auto Services and e-Insurance [7][14] - The e-Insurance segment is expected to become a larger portion of the business due to the rapid growth in vehicle sales and electric vehicle adoption in China [21] Other Important Information - The company emphasizes the interconnected nature of its Auto Service and e-Insurance businesses, which creates synergies and enhances customer experience [10] Q&A Session Summary Question: Why and how do banks, insurance companies, and enterprise clients use SunCar Auto Service? - The cloud-based platform allows banks and insurance companies to offer various services to their clients, enhancing customer loyalty [15][16] Question: What differentiates you and why do people choose you over your competitors? - The company provides nationwide coverage and technology integrations that allow for quick delivery of e-Insurance policies, unlike competitors who operate regionally [17] Question: Which business is more profitable, services or insurance? - Currently, the Auto Service segment is more profitable, but the e-Insurance segment is rapidly growing and will focus on profitability as it expands [18] Question: Do you expect the insurance business to become the dominant portion of the company? - The e-Insurance segment is in a stage of rapid growth and is expected to become a larger portion of the business in the future [20] Question: What is your go-to-market strategy for insurance? - The strategy leverages a large network of sales partners to deliver cloud-based insurance solutions quickly to end customers [22] Question: What is driving the growth of the business? - Growth is driven by the adoption of e-Insurance technology and increased vehicle sales, particularly in the electric vehicle sector [23]